Weekly demand for particular product averages

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Weekly demand for a particular product averages 60 units, with a standard deviation of 5. This item is managed with a fixed-order-interval model. The order interval is 4 weeks, and this item has a certain lead time of 1 week. The desired service level is 97.5 percent. Assume that it is now time to place another order, and there are 23 units on hand. How many units should be ordered?

In a single-period inventory situation, the probabilities that demand will be 1, 2, 3, or 4 units are 0.1, 0.4, 0.3, and 0.2, respectively. If 3 units are stocked, what is the probability of selling all of them?

Reference no: EM132182859

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